Cardano's futures market has experienced a significant surge in activity, with open interest climbing to 1.99 billion ADA (worth approximately $816.97 million) within a 24-hour period, according to data from CoinGlass. This represents a 1.29% increase in open interest, driven primarily by growing market speculation surrounding a potential spot Cardano exchange-traded fund (ETF) from asset manager Grayscale.
The speculation stems from Grayscale's application to the U.S. Securities and Exchange Commission (SEC) for a spot Cardano ETF. However, the regulatory body has not yet made a decision. According to an update from Cardanians, a platform sharing Cardano-based news, the application remains under review, with a decision now anticipated in early 2026. Despite the lack of approval, traders have interpreted the ongoing process as a bullish signal, leading to increased leveraged positions.
Gate.io exchange led the surge in futures positioning, with users committing 502.05 million ADA (valued at $205.74 million), accounting for 25.18% of the total open interest. Other major exchanges followed, including Binance (16.33%, $133.43M), Bybit (12.8%, $105.26M), and LBank (8.91%, $72.82M).
Despite the bullish futures activity, Cardano's spot price struggled for momentum. ADA reached a daily high of $0.4357 but failed to break key resistance at $0.45. As of the report, ADA was trading at $0.4127, marking a 1.56% decline over 24 hours. Trading volume also dipped by 7.5% to $846.79 million. Analysts note that while a potential "golden cross" technical pattern is forming, weak momentum and profit-taking from short-term investors are hindering a price breakout. Some reports suggest ADA could target $0.60 if it follows a similar technical path to XRP.
